You'll get the Magic Coat status, which reflects status moves and effects of items such as wands back at the attacker. But there are some moves and items that cannot be reflected, so be careful! The status will go away after a while.

In the manga

In the Pokémon Adventures manga

Absol

The user releases a crescent of energy at the target. The target then becomes surrounded in a dark forcefield.

Trivia

In Generation III, the status screen erroneously states that the move has 100% accuracy, even though it targets the user (thus it does not need an accuracy check). Any move reflected by Magic Coat still has to undergo accuracy checks as normal, however.